Thursday, Jan. 3, 2018
Why do we have a tough time saving money? More than a third of Americans say their savings are non-existent. Mike Collins talks with experts about the obstacles standing in the way of savings, and ways to start socking away for a rainy day.
We’re told the economy is chugging along nicely and that unemployment remains low. But wages have also remained low despite a slowly rising cost of living so many, many Americans find it difficult to make ends meet and even those who aren’t exactly struggling still find it difficult to put money into savings.
57 percent of Americans have less than a thousand dollars in savings, according to a 2018 survey, while 39 percent have saved nothing.
We look at the obstacles they face and at strategies to better manage money and save it for a rainy day.
Larry Carroll, chief executive officer and chief wealth strategist, Carroll Financial
Parker Cohen, associate director, Savings and Financial Capability, Prosperity Now